Changing currency of VAT MOSS from GBP to EUR post brexit

tonyr79 · ‎April 26, 2021

I run a UK business and was registered for VAT MOSS in the UK, so all EU VAT returns were done in GBP. Post brexit I am now registered for VAT MOSS in Ireland and so my EU VAT return has now changed to be in EUR.

Can I change the currency of my VAT MOSS account?

I tried to create a new Custom Tax for EU VAT MOSS to replace the existing GBP VAT MOSS Tax, but it doesn't appear it's possible to set the currency there so I'm not sure what I'm expect to do (see attachment). Any ideas?

I'm currently unable to mark a return as Paid because when I try to that if I choose the EUR account it was paid from I get the error "Transactions can have only one foreign currency at a time. (INDIRECTTAX-19809)". In this case the QBO return is in GBP but the actual return and payment are in EUR and so I would like to mark it as paid but with the correct fx rate so that the GBP (QBO) and EUR (actual) returns line up.

Thanks in advance for your help and suggestions!

Fiat Lux - ASIA · ‎April 26, 2021

Afaik, if you are using QBO UK version, you should migrate to QBO Ireland version.

https://quickbooks.grsm.io/Ireland

tonyr79 · ‎April 26, 2021

My business is still in the UK and so moving to QBO Ireland doesn't seem like the right solution. I am still registered for UK VAT as well, and so moving to QBO Ireland I think would cause more problems than it solves.

Thanks for your help anyway, but I don't think that's the right answer.

GiuseppeP · ‎July 12, 2021

Hi,

I have exactly the same problem.

A workaround could be a dummy GBP bank account to be loaded with the EUR amount of the VAT bill, any discrepancy could be fixed with a custom exchange rate.

I asked for help to QBO support with no success, they told me to send a feedback and request this feature (honestly they should have implemented it at least by the end of the last year!)

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Changing currency of VAT MOSS from GBP to EUR post brexit